ring question

MamanDaddyof2 Posted: Jul 06, 2004 12:13 PM

ring question

This may be really tacky question but I have read alot about you girls insuring your rings
Do you know how much your (engagement) ring was? Mine is a really simple ring do I need to insure it?? If you girls could just tell me how much $$ is worth getting insurance for??

I feel like an idiot not knowing this

jfabbride Posted: Jul 06, 2004 12:16 PM

Re: ring question

My ring was covered under my homeowners insurance. We did have to do an appraisal for it but I never saw it...my FH just submitted it to the insurance company.

kpny622 Posted: Jul 06, 2004 12:16 PM

Re: ring question

I would say that any ring is worth insuring because the insurance is cheap, and if something does happen to the ring, you'll want to replace it. I guess the answer to your question depends on how much you can afford to spend replacing it without insurance.

ETA: Plus, many times the ring will appraise much higher than what you paid. Mine appraised several thousand dollars more, so if I lost it, who knows if we could get another identical diamond for what he paid?

prncssrachel Posted: Jul 06, 2004 12:18 PM

Re: ring question

i know exactly how much my ring cost. down to the penny. And to take it one step further....I picked it out. I think no matter what your FH paid for it, it's worth having the insurance on it. Hope that helped!

aimerliny Posted: Jul 06, 2004 12:23 PM

Re: ring question

Everyone should have their ring insured. My ring is simple also, just a pear diamond with decorative setting.

To give you an idea, my ring appraised at over $5k and it only costs $96 a year to insure through our homeowners insurance. Well worth the security.

You may feel that your ring is simple, but think about you would feel if you lost it.

mskimmy98 Posted: Jul 06, 2004 12:24 PM

Re: ring question

my ring was bought at wholesale price, but when I got the appraisal price it was worth 5,000 which was totaly worth paying 80.00 a year to insure.. just in case my ring is stolen i can get another one... even if your ring isn't worth that much money wouldn't you want to replace it if anything happen.

CubanBride Posted: Jul 06, 2004 12:26 PM

Re: ring question

I know how much my ring is worth because I picked it out and was there when Gary bought it. I think it should appraise for about $1500 more, but we shall see.

But it's worth getting the insurance. I love my ring and God forbid something happen to it. I would like the opportunity to replace it.

spazybride04 Posted: Jul 06, 2004 12:32 PM

Re: ring question

Definitely get an appraisal. That's the first thing that we did after we got engaged.
The appraisal is usually more then what you paid maybe by a couple hundred to as much as 1,000. Insurance on it is cheap. I have Allstate and to insure it was 20 dollars for every thousand that it is appraised for.
You get an appraisal for 1500, your insurance would be 30 dollars.

Hope this helps!

~Deb

thiadora Posted: Jul 06, 2004 12:44 PM

Re: ring question

If you choose to insure your ring, a good policy doesn't just insure against loss, it also insures against damage (e.g. if it gets chipped). IMO it's worth it.